Bailey v Angove’s Pty Ltd [2016] UKSC Civ 47

SUMMARY

The Supreme Court in this case had to consider whether an agent’s authority to accept payments had been ended by the principal’s termination of the agency agreement or if the agent’s authority was irrevocable in spite of the termination notice and permitted the agent to receive remaining payments due from customers for goods supplied during the term of the agreement.

BACKGROUND

Hoge Raad 24 juni 2016, ECLI:HR:NL:2016:1311

Eiseres is in cassatie gegaan tegen een arrest van het hof Den Bosch van 28 juli 2015. Eiseres heeft de cassatiedagvaarding laten betekenen ten kantore van verweerder's (eerdere) advocaat. De cassatiedagvaarding is enkel aan verweerder uitgebracht.

On 5 February 2016 the Dutch Supreme Court ruled that the fact that a trustee in bankruptcy unlawfully collected pledged receivables has no consequences for the ranking of his salary. That the trustee in this case would profit from his unlawful behaviour (his salary is the highest ranking claim in a bankruptcy) is undesirable, but not enough reason to change the ranking.

FACTS:

InHinton v Wotherspoon [2016] EWHC 623 (CH), Jason Freedman and Aziz Abdul successfully secured an Income Payments Order (“IPO”) on behalf of the Trustee in Bankruptcy.

The court also provided useful guidance on the correct position where a bankrupt has made an election to draw down from his private pension but not given specific instructions as to application of the funds.

LEGAL BACKGROUND:

In its 18 December 2015 ABN/Marell judgement, the Dutch Supreme Court held that if secured debt is pledged, the holder of that right of pledge has the authority to enforce not only its own pledge but also the security connected with that pledged secured debt. Such chains of secured debt are not uncommon, but often parties are not aware that they exist. According to this new case law, security down the chain can be used in the enforcement of the primary security.

Padwick Properties Limited v Punj Lloyd Limited [2016] EWHC 502 (Ch)

FACTS

This case concerned a property in Stockport let at an annual rent of £784,268, where Padwick was landlord to a company named SCL. The defendant had guaranteed SCL's performance of its obligations.

I HAVE REQUESTED MY LANDLORD’S CONSENT TO SELL MY PHARMACY LEASE. THE LANDLORD HAS AGREED TO THE SALE BUT ON THE CONDITION THAT I AM A GUARANTOR FOR THE BUYER. IS THIS A REQUIREMENT UNDER MY LEASE?

The answer will depend on the terms of your lease. However, as a general rule, it is likely to be the case that the landlord can request such a guarantee.

De Hoge Raad heeft twee uitspraken gedaan over de houdbaarheid van het overwaarde-arrangement in faillissement. In het kort stelt de Hoge Raad vast dat in geval van faillissement van de kredietnemer, de financiers gebruik kunnen maken van het overwaarde-arrangement, mits de kredietnemer partij is bij het arrangement.

Overwaarde-arrangement

Een aandeelhouder ziet door een faillissement de waarde van de in een vennootschap gehouden aandelen verdampen. Soms maakt de aandeelhouder een derde het verwijt dat deze verantwoordelijk is voor het faillissement en de daardoor voor de aandeelhouder ingetreden schade. Kan die aandeelhouder zijn schade op de derde verhalen? Deze vraag kwam aan de orde in het faillissement van reisorganisatie OAD. De rechtbank Midden-Nederland deed recent uitspraak in een door de aandeelhouder tegen de bank aanhangig gemaakte procedure.

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